Know your expenses –Budget Life after retirement•Maintain your current standard of living.•Account for your regular expenses – groceries,household maintenance expenses etc.•Plan your medical expenses.
Know your income – Know how you will earnand how much•Decide until what age you want to work.•Set an annual income target for your retired years.•Know the current market value of all your savingsand investments.•Determine a realistic real rate of return(net ofinflation) on your investments.•Create annuity income.
Know your sources – Where is your money invested?• Savings in bank• Equity/ Mutual Fund investments• Gold• Real estate• Insurance
Plan your contingency – Know where to find money inan emergency• In an emergency, not all assets can be easilyliquidated.• It is important to have enough liquid assets.• Liquid assets give you ready access to money.• You need to know how much of your assetsshould be kept liquid.• Carefully assess how much you will need in acontingency or emergency.
Know what you want to do – Find vocations that suityou. Prepare.• Take up a full time job.• Work part-time.• Do specific consulting work.• Work for society and keep busy.• Build knowledge in new domains.• Travel.• Lead a more socially engaging life.
Being healthy – Know what you need to do• Maintain medical records.• Be aware of your medical history.• Keep track of how often you need check ups.• Maintain a medicine chart for your variousmedicines.• Follow a lifestyle that keeps you fit.
Wealth matrixRegular Income Options Risk ProfileMonthly income Pension, Senior CitizenScheme, Post office MIS, MIP,RentLow riskQuarterly income FD interest, Dividend fromdebt fundsLow riskHalf yearly incomeAnnual income Dividends from equity,Insurance, FMP dividendLow riskCapital Gains Options Risk ProfileShort-term Equity, commodity trading Moderate to high riskLong-term Real estate, gold, equity,insurance maturity